Aruba is one of the greatest islands in the Caribbean. Most tourists decide to stay there for good and settle with their families because they don’t want to let go of the many things which Aruba could offer. If you are thinking of moving into the island, you can begin your quest for the best homes or the best real estate properties which you can own for the rest of your life. Money is the matter and it is recommended that you scour your options before you spend your hard earned cash on an investment. Real state agents in the island are many including the Able Realty Aruba, Reform Real estate, Market Scan realty, Homenet Real Estate, and the Maurer Real estate.
There are several steps you need to follow in case you want to buy a property in the island. First and foremost, you have to sign the Sales and Purchase Agreement which basically contains the terms and conditions which have been imposed for the property. In any case that you already signed, the seller is compelled to sell the property to you. Upon signing, you need to provide a security deposit amounting to the ten percent of the price indicated in the sale and Purchase agreement.
Since all sales are handed by a Notary, you have the freedom to choose a Notary to where you can transact. The Notary is responsible in doing all the legal works entailed with your purchase. Their fee id dependent on the price of the home you are going to buy. Transactions with the Notary are deemed legal and documented because they are approved by the Aruban local government. All you have to do is provide them with a valid identification card, copy of the security deposit done, and a completely filled sale form and personal data form. Usually, it takes six to eight weeks before they finish the entire transaction. After such duration, the Notary will contact you for the signing of deed and paying the final fees.
Property lands are famous options for real estate owners but you can also choose for the lease land where the home is built on a piece of land owned by the Land of Aruba. Owners of houses built on lease lands are given sixty years to enjoy the property while paying a lease fee annually. This choice is good for those who want to stay in the island for quite sometime yet are also maintaining their native homes in other places of the world. On the other hand, there are also some condominium projects available for those interested in Aruban real estate.
Aruban properties are entailed with land taxes. This is paid every year and the first $34,000.00 of the property amount is considered free of tax while on the balance, you need to pay $4.00 per land amounting to $ 1,000.00 every year. Other taxes may include the transfer tax which is generally six to eight percent of the selling price, the Notary fees deed which is two percent and the Notary fees mortgage deed which is a percent of the selling price.